A thermal management system includes a five-way valve configured to switch a first circuit mode in which a chiller and a battery are thermally connected and a second circuit mode in which the chiller and an LT radiator are thermally connected, and an ECU configured to control a compressor based on a chiller temperature and a radiator temperature. The ECU is configured to, in a case where switching between the first circuit mode and the second circuit mode is performed by controlling the five-way valve during a heating operation of a refrigeration cycle, control the compressor to reduce a temperature difference between the chiller temperature and the radiator temperature prior to the switching.
